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News Topical, Digital Desk : The Employees Provident Fund Organization (EPFO) had announced an interest rate of 8.25% for the financial year 2024-25 in February 2024. However, the interest amount has not yet been deposited in the accounts of all EPF members.
The administrative process may be responsible for the delay in this work. In fact, when the government issues an official notification in this regard, only then EPF interest is deposited in the accounts of EPF members. Therefore, many members may feel that delay in interest deposit can affect their total return. But is this really so, let's know -
Do EPF members suffer losses due to delay in interest deposit? According to paragraph 60 of the EPF Scheme 1952, interest is calculated according to the monthly balance, even if it is deposited at the end of the business year. Due to this, the member does not suffer loss due to delay in interest deposit. The calculation of interest based on monthly balance ensures that the declared rate is received on every contribution. Interest is compounded annually, so even if there is a delay in deposit, the entire amount is added to your closing balance for the year.
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